The Nigerian Bureau of Statistics on Monday, announced the rise of the nation’s annual inflation to 26.72% in September from 25.8% in August.
Inflation in Africa’s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades.
On a year-on-year basis, the inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%, indicating an increase when compared to the same month in the preceding year.
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%).
“Food and non-alcoholic beverages were the biggest contributors to the rise in inflation,” the bureau said.
Chioma Kalu
Follow us on:
A plane crash in Gramado, Brazil, killed ten family members, including businessman Luiz Claudio Galeazzi,…
A suspect has been apprehended in Brooklyn subway after woman was set ablaze and died…
A Brazilian bridge collapse has killed one person and spilled sulfuric acid into the Tocantins…
Governor Soludo has expressed grief over Okija stampede, urges safety-first approach for future food distribution…
Slovak PM Robert Fico made a surprise visit to Moscow for gas talks with Putin,…
NADDC has announced plans for new auto industrial park to support local manufacturers and reduce…